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Do Executives Exhibit Fixed Effects on Firm‐Level Stock Price Crash Risk? Evidence From CEOs and CFOs

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  • Yu Zhou
  • Jiaxin Liu
  • Yakun Wang
  • Ting Chen

Abstract

This paper investigates whether individual CEOs and CFOs have fixed effects on firm‐level future stock price crash risk. We find that both CEOs and CFOs exhibit such fixed effects, and these effects remain robust across various tests. Additionally, we observe that CEOs' fixed effects are stronger than those of CFOs. And there is some marginal evidence that the executives' fixed effects are less pronounced in firms with better information environment quality. Finally, consistent with the influence of managers' fixed effects, we find that CEOs' professional qualifications (e.g., MBA, JD, and CPA) and CFOs' family status and military experience are associated with stock price crash risk.

Suggested Citation

  • Yu Zhou & Jiaxin Liu & Yakun Wang & Ting Chen, 2026. "Do Executives Exhibit Fixed Effects on Firm‐Level Stock Price Crash Risk? Evidence From CEOs and CFOs," International Review of Finance, International Review of Finance Ltd., vol. 26(1), March.
    • Handle: RePEc:bla:irvfin:v:26:y:2026:i:1:n:e70056
    DOI: 10.1111/irfi.70056
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